Pops & Drops: Wal-Mart, Celgene...
Following are the day’s biggest winners and losers. Find out why shares of Wal-Mart and Celgene popped while U.S. Steel and Comcast dropped.
POPS (stocks that jumped higher)
Wal-Mart (WMT) popped 4%. The world's largest retailer beat on earnings and said earnings will be strong through the year. - It has a perfect "W" bottom, says Joe Terranova, $46.80 is the stop.
MBIA (MBI) popped 30%. The largest bond insurer announced it will split off its municipal bond insurance business from its mortgage-related business. - I think they will need more TARP money, speculates Joe Terranova.
Celgene (CELG) popped 2%. Oppenheimer initiated coverage of the stock with an ‘outperform’ rating and $73 price target.
Volcano Corp (VOLC) popped 12%. The maker of devices to diagnose and treat heart disease provided a 2009 earnings outlook that beat expectations.
Nalco (NLC) popped 5%. Warren Buffett added this name to his portfolio; also the company plans to expand its water treatment business globally.
DROPS (stocks that slid lower)
U.S. Steel (X) dropped 7%. UBS cut its 2009 earnings estimates to a loss of 55 cents a share, down from break even. - I'd be cautious, counsels Tim Seymour.
Comcast (CMCSA) dropped 4%. Fourth quarter earnings fell 32% from last year, as subscriber growth slowed. - I think it goes lower from here, speculates Guy Adami.
Jack In The Box (JACK) dropped 9%. Earnings for the first quarter dropped over 20% due to higher costs. - Not so good, muses Pete Najarian.
Constellation Energy (CEG) dropped 8%. Fourth-quarter earnings were worse than expected, due to its failed sale of MidAmerican Energy. - Terrible, says Tim Seymour.
Airlines (XAL) dropped 6%. A new report showed that travel is rapidly declining for both leisure and business.
Chesapeake Energy (CHK) dropped 4%. Fourth quarter earnings were below analysts' estimates.
Geron Corp (GERN) dropped 11%. Investors cashed out after the company announced it was selling over 7 million new shares.
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Trader disclosure: On Feb. 18th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (BAC), (EEM), (EEM), (PBR), (XOM), (FXI); Seymour's Firm Owns (VIP); Terranova Owns (FCX), (XBI), (AMGN), (KCE), (DIS); Terranova Owns (IBM) & (IBM) Call Spread; Terranova Owns (AMGN) Puts; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (CHK) Put Spread, Najarian Owns (CBS) Calls, Najarian Owns (EEM) Call Spread, Najarian Owns (FCX) & (FCX) Calls, Najarian Owns (GS) Calls, Najarian Owns (GDX) Call Spread, Najarian Owns (GLD) Call Spread, Najarian Owns (HPQ) Spread, Najarian Owns (MSFT) & (MSFT) Short Calls, Najarian Owns (MS) & (MS) Short Calls, Najarian Owns (MOS) Call Spread, Najarian Owns (STI) Call Spread, Najarian Owns (WFC) & (WFC) Calls